Our Bureau

Chennai, June 6

RANE Brake Linings Ltd plans to acquire Soubhagya Diecast Ltd, a Hyderabad-based manufacturer of aluminium pressure die-cast components mainly for the automotive industry, for Rs 5.85 crore.

According to a communication from Rane Brake Linings to the stock exchanges, the company will acquire 65 per cent of Soubhagya Diecast's paid-up capital from the promoters.

The company hopes to conclude purchase of the shares by early July 2005.

With this, Soubhagya Diecast will become a subsidiary of Rane Brake Linings, which will enable it to exploit the considerable potential to grow in both the domestic and export markets, according to the communication.

(This article was published in the Business Line print edition dated June 7, 2005)
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